The advent of blockchain technology has provided an unprecedented opportunity to disrupt the way marketplaces function. By tokenizing the 8gig network, we can enable interactions, align incentives, and encourage desired behavior among network constituents like never before.
The primary purpose of the Piece of 8 token is to curate the decentralized marketplace of extension to the Serverless Chassis, the low-code tool provided to developers using 8gig through a collaboration with 8base. Using the Po8 token, we can ensure that only the highest quality extensions are admitted the marketplace without relying on a central authority to review and police submissions. Instead, highly skilled developers who have worked to improve their reputation score can act as validators and, along with the rest of the community, curate the marketplace to further enhance the power of Serverless Chassis.
Tokenizing 8gig has other benefits as well. In any global marketplace, transacting in fiat currency comes with a cost. By utilizing a native token, we can reduce transaction friction and enable cross border cooperation without having to pass on additional costs to users. Moreover, the blockchain’s properties of immutability and finality provide an advantage to developers, who no longer need to worry about their ability to get paid, charge backs, or the delays associated with the traditional banking system. With the Po8, developers can be certain that they will receive the agreed upon price as soon as project specifications are met or a marketplace extension is utilized.
Tokens also allow for the gamification of work performed in the ecosystem. While the 8gig network was created as a means of allowing individual developers to capture their share of the $2 trillion digital transformation market, there’s no reason why it can’t be fun. By creating a token-powered ecosystem, the 8gig network increases transparency, aligns incentive, cuts costs, and allows developers to monetize their skillset in a fun and interesting way.